HILLSIDE, NJ / ACCESSWIRE / November 13, 2019 / Integrated BioPharma, Inc. (OTC BB:INBP) (the "Company") reports it financial results for the quarter ended September 30, 2019.
Revenue for the quarter ended September 30, 2019 was $11.4 million compared to $10.3 million for the quarter ended September 30, 2018, an increase of $1.1 million or 10.7%. The Company had operating income for the quarter ended September 30, 2019 of $0.5 million compared to operating income of $0.4 million for the quarter ended September 30, 2018.
For the quarter ended September 30, 2019, the Company had net income and diluted net income of $0.3 million or $0.01 per share of common stock, compared with net income and diluted net income of $0.2 million or $0.01 per share of common stock for the quarter ended September 30, 2018.
"We are excited to report that our revenue increased by approximately 11% in the quarter ended September 30, 2019 and that our revenue from our two significant customers in our Contract Manufacturing Segment remained consistent; representing approximately 91% and 89% of total revenue in the quarters ended September 30, 2019 and 2018, respectively," said Riva Sheppard, Co-Chief Executive Officer of the Company.
A summary of our financial results for the three months ended September 30, 2019 follows:
| INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (In thousands, except share and per share amounts) | ||||||||
| (unaudited) | ||||||||
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2019 | 2018 | |||||||
| Total revenue | $ | 11,406 | $ | 10,304 | ||||
| Cost of sales | 10,007 | 9,085 | ||||||
| Gross profit | 1,399 | 1,219 | ||||||
| Selling and administrative expenses | 923 | 814 | ||||||
| Operating income | 476 | 405 | ||||||
| Other expense, net (1) | (127 | ) | (191 | ) | ||||
| Income before income taxes | 349 | 214 | ||||||
| Income tax expense, net | 37 | 55 | ||||||
| Net income | $ | 312 | $ | 159 | ||||
| Net income per common share: | ||||||||
| Basic | $ | 0.01 | $ | 0.01 | ||||
| Diluted | $ | 0.01 | $ | 0.01 | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 29,565,943 | 27,218,786 | ||||||
| Diluted | 30,724,633 | 27,963,604 | ||||||
| (1) Includes interest expense of $124 and $200, respectively. | ||||||||
SOURCE: Integrated BioPharma, Inc.
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https://www.accesswire.com/566451/Integrated-BioPharma-Reports-Results-for-its-Quarter-Ended-September-30-2019
